By Cristal Cody
Springdale, Ark., Aug. 18 - Novant Health priced $195.96 million variable-rate bonds with a 1.65% initial rate on Monday, a source told Prospect News.
The bonds (Aa3/A+/AA-) priced with a weekly interest rate through the North Carolina Medical Care Commission.
The $70 million series 2008A and $75.09 million series 2008B revenue refunding bonds, due Nov. 1, 2028, were sold in a negotiated sale managed by JPMorgan.
The $50.87 million series 2008C bonds, due May 1, 2026, were sold in a negotiated sale managed by BB&T Capital Markets.
Proceeds will be used to refund $46.74 million from the series 1996 revenue bonds, $88.03 million from the series 1998A revenue refunding bonds and $51.5 million from the series 1998B revenue bonds.
Issuer: | Novant Health/North Carolina Medical Care Commission
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Issue: | Revenue refunding bonds
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Total amount: | $195.96 million
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Type: | Negotiated
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Initial rate: | 1.65%
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Resets: | Weekly
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Maturity: | Series 2008A, 2008B bonds due Nov. 1, 2028, series 2008C bonds due May 1, 2026
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Underwriter: | JPMorgan (lead)
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Ratings: | Moody's: Aa3
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| Standard & Poor's: A+
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| Fitch: AA-
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Pricing date: | Aug. 18
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Settlement date: | Aug. 19
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